HOUSTON -- BP has become a substantially safer company in
the aftermath of the Deepwater Horizon oil spill disaster, the
groups CEO said on Wednesday.

Bob Dudley, who gave the opening keynote address on
Wednesday at the IHS CERAWeek conference, said his company had
learned from the accident and shared its lessons with
industry.

Two years ago, when I stood here in this very spot, I
said I was determined that we would emerge from the Deepwater
Horizon accident as a safer, stronger, more sustainable
company, Dudley said.

We have made good on those promises. We are honoring
our commitments. We have set new standards. We continue working
very systematically on safety and our record is
improving.

Dudley took the reins at BP in the months following
the April 2010 spill, replacing former CEO Tony
Hayward.

BP, along with rig owner Transocean and services contractor
Halliburton, is currently on trial in a civil lawsuit over
spill-related damages. On Wednesday, Dudley appeared to draw a
contrast between his company and the others.

Among the many responsible parties, we alone stepped
up from the outset, acknowledging our role, waving the
liability cap and committing ourselves to help restore the environment and economy of the Gulf
Coast region, he said.

We did not wait for a court to determine fault in
order to do what we believed to be the right thing.

Dudley said BP, which leased and operated the
rig, is vigorously defending itself. However,
it remains determined to make that case in the courtroom,
rather than the media.

We believe the law and the facts are on our side, and
we have faith in the legal system, he said.

The company says it has already spent over $24 billion in
response, clean-up and restoration costs and in payments on
claims made by individuals, businesses and governments.

On the management side, Dudley cited the formation of a
powerful safety and operational risk team that
works alongside all company businesses.

We have restructured our business to continue driving
systematic and reliable operations worldwide, he
said.

Dudley noted that even after the disaster, BP remains the
largest deepwater leaseholder in the Gulf of Mexico, with seven
large deepwater rigs operating.

CERAWeek continues through Friday at the Hilton Americas in
downtown Houston.

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